Maintenance workers cover the engine of an American Airlines Group Boeing 737 Max plane at Tulsa International Airport (TUL) in Tulsa, Oklahoma, May 14, 2019.
Patrick T. Fallon | Bloomberg | Getty Images
Check out the companies making headlines after the bell.
Microchip Technology — Shares of Microchip rose over 4% after releasing updated guidance that put projected sales near the top of its previous range. The company now expects sales to be between $1.281 billion and $1.288 billion. Microchip’s previous guidance ranged from $1.244 billion to $1.298 billion. CEO Steve Sanghi said the company viewed the latest quarter as the bottom of a downturn and he expected revenue to grow in 2020.
Texas Instruments — Shares of the semiconductor company rose about 2% in extended trading after fellow chipmaker Microchip released updated guidance and express confidence about the industry in 2020. The companies both produce analog chips and microcontrollers.
American Airlines — Shares of American Airlines rose about 0.5% after hours on Monday following an announcement that it had agreed to a deal with Boeing regarding compensation from the grounding of the 737 Max. The total amount was not disclosed, but American said it would add $30 million to an employee profit-sharing program. Shares of Boeing were nearly flat after the announcement.
Pier 1 — The struggling retailer’s stock was down 6% after it announced that it was closing 450 stores, nearly half of its total. The company announced a loss of $14.15 per share for its third quarter. The company now has a market cap of around $22 million.